WEX, a commerce platform, announced the broad availability of Flume, a digital wallet that would allow consumers to make rapid account-to-account transactions.
The new solution, according to WEX, is intended to “cross the digital gap for millions of small and medium-sized enterprises in the United States.”
Flume, according to WEX, is powered by WEX Payments and is guaranteed by the Federal Deposit Insurance Corporation.
According to WEX’s statement, more than 40% of business-to-business payments in the United States are made via check, and two-thirds of businesses handle payments by hand. “While digital payment solutions are available, most software is geared for huge corporations, presenting an impassable barrier for small enterprises.”
In a prepared statement, Matt Roy, co-founder, and general manager of Flume at WEX, stated that the firm previously debuted a beta version of Flume and has been ramping up for the recently announced public launch.
Flume handled more than $2 million in small company payments during its beta phase, according to WEX, with typical transactions ranging from $2,000 to $8,000. WEX claims that Flume is up to 20 times cheaper than bank transfers on its website.
WEX stated in the statement that during the trial period, the firm made it easier for businesses to accept credit cards rapidly and provided a connection with Quickbooks.
“For small enterprises, timely access to funds may frequently be life or death,” WEX’s chief strategy officer, Jay Dearborn, said in a prepared statement. “With Flume, we’re providing a simple solution to a difficult problem, allowing these firms to focus on the future rather than chasing down previous payments.”
WEX’s “recommended” Essentials tier costs $50 per user, per month and provides 30 free payments each month, according to the company’s website in Portland, Maine.
